Girardin Steve 4

What happened

• Steve Girardin, a director of Blue Bird Corporation (BLBD), had two types of acquisitions reported on April 1, 2026: (1) a grant of 2,297 restricted stock units (RSUs) (grant price $0.00) and (2) an indirect acquisition of 2,702,180 Exchangeable Shares (derivative securities) tied to Groupe Autobus Girardin Ltée (GAG) in connection with Blue Bird’s purchase of the remaining interest in its Micro Bird joint venture. Also reported was 1 share of Special Voting Preferred Stock received in that transaction. The RSU grant has no immediate cash cost to the director; the Exchangeable Shares were part of the consideration in the JV deal (the deal included $63,021,287 in cash plus the Exchangeable Shares and one Special Voting Preferred share paid to sellers).

Key details

• Transaction date: April 1, 2026 (Form 4 filed April 9, 2026; Period of Report 2026-04-01).
• RSUs: 2,297 RSUs granted at $0.00 (award code A). RSUs vest March 31, 2027 (or sooner on change in control, death, disability, or end of director term); upon vesting each RSU converts to one common share subject to the company’s ownership guidelines and settling conditions.
• Exchangeable Shares: 2,702,180 Exchangeable Shares reported as acquired by GAG (derivative securities, acquisition code A); these are generally exchangeable 1-for-1 into Blue Bird common stock and may be forcibly exchanged by the issuer at its discretion after five years. Price shown as N/A (part of transaction consideration). Also 1 Special Voting Preferred share was issued that carries votes equal to the number of common shares the Exchangeable Shares can be exchanged for.
• Shares owned after transaction: The filing indicates the securities were acquired by GAG; Girardin may be deemed to indirectly beneficially own these securities by virtue of his roles as a GAG shareholder, manager and director, but he disclaims direct beneficial ownership except for any pecuniary interest. The Form 4 does not list a simple direct share count held personally after the transaction.
• Footnotes of note: F1–F2 explain the Exchangeable Shares and Special Voting Preferred were consideration in the Micro Bird JV deal and Girardin’s indirect connection via GAG; F3–F4 cover RSU terms and vesting; F5 explains exchange mechanics and potential forced exchange after five years.
• Filing timeliness: No late filing flag noted on the Form 4.

Context

• The RSU grant is an equity award that vests in the future and will convert to common shares upon vesting — not an immediate sale or cash transaction.
• The 2.7M Exchangeable Shares are derivative securities held by an affiliated corporation (GAG) as deal consideration; they are generally exchangeable into common shares (roughly 1-for-1) and include a Special Voting Preferred share to carry voting rights. These items reflect transaction consideration tied to a corporate acquisition, not an open-market buy or sale by the director personally.